General education · Updated October 26, 2026
Start with the whole monthly picture.
Your mortgage payment is one part of owning a home. Consider property taxes, insurance, utilities, strata fees where applicable, and a reserve for maintenance. A lender or mortgage professional can assess financing; a personal budget helps you decide what feels sustainable.
Set aside room for the completion costs.
Ask your lawyer or notary and mortgage professional for a property-specific estimate of the costs of completing. Depending on the transaction, these can include legal work, title-related costs, tax, adjustments, inspections, appraisal, and moving expenses. Do not assume an exemption or rebate applies without checking eligibility.
Look at the building as well as the unit.
For a strata property, the monthly fee does not describe every possible future cost. Read the available financial information, meeting records, maintenance history, and planning documents with appropriate advice. Ask about known projects and special levies.
Use estimates as a starting point.
Rates, taxes, lender requirements, and eligibility rules can change. Obtain current figures for the property and your circumstances before committing. This guide does not calculate taxes or determine eligibility.
Bring it back to your own circumstances.
This guide is general information, not legal, tax, financial, inspection, or investment advice. Talk to the relevant qualified professionals before making a decision.